EM Flows Weekly: Keep the momentum: EM bond fund flows continue their upward trend into late-July

Research evidence excerpt

EM Flows Weekly: Keep the momentum: EM bond fund flows continue their upward trend into late-July

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History of Investment Recommendations:

A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &

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Explanation of Emerging Markets Sovereign Research Ratings System and Valuation & Methodology:

Ratings System: J.P. Morgan uses the following issuer portfolio weightings for Emerging Markets Sovereign Research: Overweight (over the

next three months, the recommended risk position is expected to outperform the relevant index, sector, or benchmark credit returns);

Marketweight (over the next three months, the recommended risk position is expected to perform in line with the relevant index, sector, or

benchmark credit returns); and Underweight (over the next three months, the recommended risk position is expected to underperform the

relevant index, sector, or benchmark credit returns). NR is Not Rated. In this case, J.P. Morgan has removed the rating for this security because

of either legal, regulatory or policy reasons or because of lack of a sufficient fundamental basis. The previous rating no longer should be relied

upon. An NR designation is not a recommendation or a rating. NC is Not Covered. An NC designation is not a rating or a recommendation.

Recommendations will be at the issuer level, and an issuer recommendation applies to all of the index-eligible bonds at the same level for the

issuer.